I just installed Mandrake 9.2 on an old Thinkpad 385xd it has a 233 mhz processor and 96 megs ram. My son uses it for instant messaging (gaim). yes, it is slow but it works fine for him to use and learn Linux. He is using KDE as his windows manager as well.
There was only one problem with the install and that was the sound card which we haven't figured out yet.
tom
ps, anyone interested in trading the latest Suse cd's for mandrake 9.2? I've lost my cable connection for downloading humongous files